New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>SkyCity (SKC) reported a 1H23 result that was modestly above expectations and an upgrade to its full year earnings guidance</li><li>SKC also modestly lifted its FY23 normalised EBITDA guidance +3% at the midpoint to between NZ$305-320m.</li><li>The midpoint of this guidance implies 2H23 normalised EBITDA of NZ$150m, with SKC anticipating increasing cost pressures in the second half.</li></ul>

SkyCity (SKC) reported a 1H23 result that was modestly above expectations and an upgrade to its full year earnings guidanceSKC also modestly lifted its FY23 normalised EBITDA guidance +3% at the midpoint to between NZ$305-320m.The midpoint of this guidance implies 2H23 normalised EBITDA of NZ$150m, with SKC anticipating increasing cost pressures in the second half.

SkyCity (SKC): 1H23 Result First Impressions

Skycity Entertainment

SkyCity (SKC): 1H23 Result First Impressions